Understanding Financial Literacy: 

 

How to Build Your Financial Confidence

April 1, 2024 | by HC Mutual

As April begins, so does an opportunity for everyone to prioritize their financial well-being.
April is known as Financial Literacy Month in many countries. For them, it’s a reminder of how important it is to understand money and make smart decisions about it.
Financial Literacy Month aims to promote awareness and education around financial literacy, equipping people with the knowledge and skills necessary to navigate the challenges of our finances.

Whether it’s learning to budget, save, invest, or plan for retirement, financial literacy covers a lot of ground that’s crucial for a stable financial life. 

Why Do We Need Financial Literacy?

Empowerment.

Financial literacy gives people the power to take charge of their money. When you understand how money works, you feel more confident making decisions that match your goals and values.

Prevention of financial pitfalls.

Knowing about money helps you steer clear of common problems like too much debt, spending indulgently, or not saving enough. With the right knowledge, you can spot these issues and avoid them.

Long-term financial planning.

Financial literacy isn’t just about today; it’s about tomorrow too. It helps you plan for things like retirement, investing, and making sure your family is taken care of after you’re gone.

Keeping the economy strong.

When more people understand money, it helps keep the economy stable. By being financially savvy, individuals can handle tough times better and make choices that ultimately help the economy stabilize and grow.

How Do We Achieve Financial Literacy?

It’s all about learning the foundations in order to apply them effectively. There are workshops, classes, and online resources being held and distributed, especially this month of April, to help you understand money better. Take advantage of the resources available to you both online and offline.
Whenever you have free time, you can also start integrating financial literacy learning activities into your daily habits.

Read books and articles about personal finance from trusted sources.

Participate in one webinar per week or per month. You can post the insights you gain on your social media accounts to share your knowledge, and process what you’ve learned.

Listen to podcasts or follow blogs about a personal finance subject that you either enjoy or could use assistance with.

Here are some recommended podcasts and blogs you can follow:

Optimal Finance Daily
Money for the Rest of Us
The Money Guy Blog
BiggerPockets
Financial literacy is broad and touches on many topics. You can avoid being overwhelmed by making learning a part of your daily routine. The important thing is to build your knowledge. It also helps to talk to people you know and trust and get varying opinions to expand your point of view.
Taking the first steps
to financial stability
HC Mutual is committed to assisting you in achieving your objectives at all times. Our offerings are intended to help new families own their first home, be prepared for financial emergencies, and save more efficiently.
 
Start your journey to financial stability and a fulfilling family life with our savings plans, which include loan benefits to help you achieve your financial goals.
HC Mutual offers savings plans with competitive interest rates and effortless savings options that can further help you take control of your finances and acquire financial stability in the future.

Secure your future through saving.

  • Start saving for as low as PHP 101 per payday.
  • Flexible savings plan of 3, 5, or 7 years.
  • 3% earnings from your savings per annum.

Earn more from your savings to reach your goals faster.

  • Start saving for as low as PHP 1,212, PHP 2,424, or PHP 3,636 per payday.
  • Fixed 5-year savings plan.
  • 5% per annum after 5 years upon completion of the plan.

Be prepared for financial emergencies.

  • Loan release within 24 hours of approval
  • Interest rate as low as 0.99%*
  • Flexible payment terms of 12, 18, or 24 months

Be on your way to owning a home!

  • Php 450,000 to Php 20M loan amount per member
  • Easy application after one (1) month of membership
  • Access to our partner developers and a wide range of brand-new homes OR the flexibility to choose your own property
  • Payment holidays extension in case of emergencies
  • Payment holidays extension in case of emergencies

Financial Literacy Month is a time to focus on learning and feeling empowered, instead of overwhelmed, about money matters. By investing in our financial knowledge, we’re investing in a brighter, more secure future for ourselves and those who come after us. Let’s make the most of this April by learning more about our finances and taking steps toward a healthier financial life.

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